Awhile back, and after a period in which the price of most real estate had gone virtually straight up for several years and had therefore convinced some people that it would continue to go straight up forever, I predicted that eventually there would be a considerable pullback and that some of the most overpriced property would fall the most percentagewise.

(In other words, the price that most pieces of real estate will sell for has to sooner or later fall back to something roughly corresponding to what those pieces of real estate are worth as rentals.)

However the people I mentioned that to ranted and raved and yelled and screamed and carried on since they "knew" that the price of real estate would continue going straight up forever.

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